One of the newer additions to the crypto market, Squid Game is a play-to-earn platform inspired by the hit Korean Netflix series of the same name. The Binance Smart Chain-based token was one of 2021’s most viral tokens, exploding in popularity and increasing in price by several thousand percent in just a few days.
However, the token’s price plummeted to zero as quickly as it had risen, and Squid Game is now widely reported to have been a “rug pull” scam. The developers abandoned the project and made off with millions of dollars from those who wanted to trade SQUID, after which the project has deemed a scam. As a result, we strongly advise our readers against purchasing SQUID, and we’ve included some links to assist you in avoiding getting scammed in the future.
How to Buy Squid Game Token
Although we do not recommend the Squid Game Token, many people still choose to buy SQUID. However, like SQUID, many other altcoins and meme coins often have equally exponential price appreciation. These coins can be bought using a decentralized exchange (DEX), outlined below.
You can use a DEX to buy Gravitoken- a coin designed to go up in price forever- or buy Hamster- a token that gives holders BTC rewards. There is also an array of other “hidden gem” projects.
1. Sign up with a regulated platform
You’ll need to register with a centralized crypto exchange to buy on a decentralized exchange. We always recommend choosing a regulated and respectable platform; the options are outlined in the table below. To establish an account, you must provide your contact information and proof of residence by filling out an application form with a photo ID and address verification.
2. Purchase ETH or BNB tokens
If you want to make a swap, you first need to buy either ETH or BNB tokens depending on the DEX you choose. To do this, go to your exchange’s deposit page and select your payment method. After that, follow the instructions on-screen until your account has been funded. Now it’s time to move on to finding the trading pair that contains both ETH or BNB and your deposited currency–and then press “Buy”.
3. Send your ETH or BNB to a Web 3.0 wallet
You’ll need a Web 3.0-ready wallet to buy and sell, so go to MetaMask or Trust Wallet and follow the directions to set one up. Fill in the exchange’s “Withdraw” area with your wallet address, then send your ETH or BNB to it.
4. Connect your wallet to a DEX
Now you’re ready to head over to PancakeSwap or Uniswap. Click on “Connect Wallet” to get started, and give the DEX permission to interact with your wallet. Now you can browse the available tokens and select the coin you want to swap for.
5. Swap your ETH or BNB for your chosen token
Enter the amount you want to swap, remembering to leave a little behind to cover the transaction fee. Hit Swap, then Confirm Swap, and finally confirm it in your wallet. Enjoy your new tokens.
What Is Squid Game?
The Binance Smart Chain (BSC), based on the Netflix series Squid Game, is home to Squid Game, a play-to-earn platform. In the dystopian Korean drama, people with crippling debts competed in deadly children’s games for a large cash reward. The crypto spin-off has no one dying, but the games and structure are largely comparable.
The competition will have 456 players who compete in six games. The sequence of the games is “Red Light, Green Light” and ends with the “Squid Game”. Players that win each game are qualified to play the next game until one winner receives all contents from the reward pool.
The SQUID Crypto Token
The SQUID is the project’s crypto token and will be necessary if you want to participate in the competition. The first game requires an entry fee of 456 SQUIDs, with each subsequent game having a higher fee. However, the grand prize winner gets all of the SQUIDs that were paid for entries (but 10% goes to developers).
According to experts, Squid Game was a “rug pull” fraud, so we advise against buying the SQUID token. Industry leaders such as CZ, Binance’s CEO, have advised new investors to assist them in avoiding future scams.
If you’re looking for more information, Coinbase, the American crypto exchange, has published a guide to avoiding scams, as have money experts Experian.
Ways to Invest in Squid Game Token
Many people are interested in buying SQUID Token for a variety of reasons. Some folks just want to buy it for a few months, while others desire to invest in the long run. Both strategies are correct and simply a matter of personal choice. We must emphasize, though, that we do not advise purchasing SQUID.
Buy and hold Squid Game Token
Some SQUID token holders may wish to hold their tokens long-term, expecting their value to rise over time. With the hit Netflix series, and if crypto games maintain people’s attention and interest, there could be a demand increase for the token, making this strategy lucrative. There is no way to earn passive income from staking your SQUID tokens. But in the future, it might become possible if a PancakeSwap SQUID farm is created.
Best Squid Game wallets
If you purchase SQUID game cryptocurrency, you may opt to move it into a private wallet for long-term storage. Some investors prefer this because it gives them greater security over their tokens.
You can use a free software wallet like the ones mentioned before or any other compatible wallet that can be downloaded onto your computer or phone.
These wallets are not only user-friendly but also convenient for making cryptocurrency transfers. If you desire extra security for your SQUID tokens, you can use a hardware wallet like Trezor, KeepKey, or Ledger. Again, just make sure your chosen wallet supports SQUID before transferring any coins.
Trade Squid Game token
The SQUID token has been highly volatile in price, which may appeal to traders who can take advantage of quick and dramatic price movements.
Those who choose this route are more likely to forego needing or wanting their hardware wallet as they won’t be holding SQUID for an extended time. It’s also more convenient for these individuals to keep their SQUID in the already connected software wallet to PancakeSwap for consistent trades.
Should I Buy Squid Game Cryptocurrency Now?
We believe anyone investing in an ICO is taking a big risk and should be cautious. We also believe that you should not fall for the hype surrounding the release of this new project’s tokens, which will be known as “Squid Game Tokens.” However, because there have been similar tremendous price movements for other crypto projects, we advise against purchasing any Squid Game tokens. If interested in such volatility, Shiba Inu may be purchased, while investors looking for a more stable and established cryptocurrency might consider buying Bitcoin or Ethereum.
Frequently Asked Questions
I bought SQUID game token on PancakeSwap, but it isn’t showing up in my wallet. Why?
If you can’t see your SQUID token in your wallet, you may need to go to Import Tokens and paste the SQUID contract address (0x87230146E138d3F296a9a77e497A2A83012e9Bc5) into the relevant box. Once you have added SQUID to your wallet, your SQUID balance should be displayed.
How do I play the Squid Game?
Go to the project’s website and click Play once the competition is ready to start.
What happens if I succeed in a game?
Winners of the first game will have their entry fee refunded and be eligible to participate in the next game. Winners of subsequent games will receive NFTs, while the overall winner will receive all the SQUID in the rewards pool.
What are the NFTs for in Squid Game?
Some NFTs can be used as tickets for free entry into the game, while others can aid a player while competing in a game.
What are MARBLES?
They are a token built on the Binance Smart Chain. According to the project’s whitepaper, the key to Squid Game is obtaining MARBLES without using violence. Axie Infinity’s SLP inspires them, and holding MARBLES provides the right to trade SQUID tokens.
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